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HollyCorp Buys 2nd Tulsa Refinery

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This topic contains 2 replies, has 1 voice, and was last updated by  Charles Randall 12 years, 11 months ago.

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  • #2925

    basil parmesan
    Participant

    <Not mentioned but Sinclair has coker ~75% Complete – so perhaps Holly will finish it along with other projects mentioned- CERandall comments>
    Holly Corporation Buys Second Tulsa RefineryPosted: Oct 20, 2009 9:35 AM CDT Tuesday, October 20, 2009 10:35 AM ESTUpdated: Oct 20, 2009 10:29 AM CDT
     
    Holly Corporation is buying Sinclair’s 75,000 barrel per day in west Tulsa.  TULSA, OK (NewsOn6) Holly Corporation has announced an agreement to purchase Tulsa’s Sinclair refinery.   With the agreement, Holly Corporation will now operate both of Tulsa’s refineries.  Earlier this year, Holly Corporation purchased the 85,000-barrel-a-day Sunoco refinery. 

    In a news release, Holly Corporation said it is buying Sinclair’s 75,000-barrel-per-day refinery and about 2.3-million barrels of storage. 
    According to the Wall Street Journal, the price tag was $128.5 million.
    Holly plans to integrate the Sinclair facility with its existing Tulsa refinery and build pipelines to link the two facilities, which are about 2 miles apart on the west side of Tulsa. 
    6/1/2009 Related story: Holly Corp. Acquires Tulsa’s Sunoco Refinery (  http://www.newson6.com/Global/story.asp?S=10457052)
    Holly said that during the last five years Sinclair has invested more than $300 million in upgrades and other projects at its Tulsa refinery to meet current EPA requirements. 
    8/4/2009 Related story: Tulsa’s Sinclair Refinery Hit With $240,000 OSHA Fine ( http://www.newson6.com/Global/story.asp?S=10847496)
    As part of the purchase agreement, Holly Corporation will be required to make an additional investment of approximately $16 million. 
    Holly Corporation also plans to spend approximately $10 million over the next two years to expand the Sinclair refinery’s diesel desulfurization capacity and another $30 million on a related project to add sulfur recovery capacity at its Tulsa facilities.
     
    Sinclair, which is based out of Salt Lake City, Utah, employs about 260 workers at the Tulsa refinery.

  • #5953

    Charles Randall
    Participant

    There is a PDF out on Holly purchase – that was part of the live conference call (check out Holly website). 
     
    It Looks like Tulsa Refineries will be merged Refining operation along lines of what happened at both COP Rodeo-SMaria, Valero Corpus Refineries or COP Woodriver-Hartford Refineries.

    PDF does indicate coking & asphalt capabilities are going be present.
     
    But fairly certain the Tulsa 1.5 Sulfur petcoke will be thing past given merged operation, push cheaper crude & increased desulfurizing + sulfur removal.

    Regards

  • #5952

    Charles Randall
    Participant

    Holly selling storage capacity to Plains for $40M
    Holly selling crude oil storage capacity to Plains All American Pipeline for $40M

    On 2:12 pm EDT, Wednesday October 21, 2009

    DALLAS (AP) — Independent petroleum refiner Holly Corp. is selling 400,000 barrels of crude oil storage capacity to Plains All American Pipeline LP for $40 million, the companies said on Tuesday.
    Shares of both companies climbed Wednesday afternoon. The deal also includes six tanks, three receiving pipelines and related assets and contract rights related to Holly’s Tulsa refinery, which Holly acquired from Sunoco in June.
    Under an agreement, Holly will pay Plains a set amount per month for the exclusive use of the storage tanks as a fee for crude oil received by Holly through the pipeline receiving facilities.
    Holly said it will maintain ownership of the remaining 2.8 million barrels of intermediate and finished petroleum product tanks.

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